remarkable long-running panel data set for rural households in Zimbabwe. We find that risk substantially reduces growth: in the … ergodic distribution the mean (across households) capital stock is 46% lower than in the absence of risk. This is, we believe … suggest that the effectiveness of policy interventions which reduce exposure to shocks or help households in risk man …

The risk of investment in schooling has largely been ignored. We assess thevariance in the rate of return by surveying … skewed. Our best guess of ex ante risk in university education is a coefficient ofvariation of about 0.3, comparable to that …

disparities - which hitherto has received limited attention - is the risk people face about their future health. This paper … integrates risk into the standard inequality measurement which measures the extent to which disparities in realized health are … account for risk averse preferences in the assessment of income-related health inequalities. The empirical application using …

optimal nonlinear earnings tax. Households can hold three assets: one risk-free, one risky but diversifiable, and one a … private investment with idiosyncratic risk whose expected return differs among households. Contrary to expectations, the …We study the optimal taxation of risk-free and excess capital income with heterogeneous rates of return, alongside an …